IOANNIS THANOS1 and SIMEON KARAFOLAS2
1. PhD Candidate, Department of Accounting and Finance, University of Western Macedonia, Kila Kozanis, Kozani, 50100, Greece
2. Department of Accounting and Finance, University of Western Macedonia, Kila Kozanis, Kozani, 50100, Greece

MLA 8
THANOS, IOANNIS, and SIMEON KARAFOLAS. "The Phenomenon of Financialisation and the Main Factors Affecting it: A Methodological Reference to the Sector of Global Merchant Shipping." Int. j. of Social Science and Economic Research, vol. 9, no. 11, Nov. 2024, pp. 5317-5339, doi.org/10.46609/IJSSER.2024.v09i11.024. Accessed Nov. 2024.
APA 6
THANOS, I., & KARAFOLAS, S. (2024, November). The Phenomenon of Financialisation and the Main Factors Affecting it: A Methodological Reference to the Sector of Global Merchant Shipping. Int. j. of Social Science and Economic Research, 9(11), 5317-5339. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i11.024
Chicago
THANOS, IOANNIS, and SIMEON KARAFOLAS. "The Phenomenon of Financialisation and the Main Factors Affecting it: A Methodological Reference to the Sector of Global Merchant Shipping." Int. j. of Social Science and Economic Research 9, no. 11 (November 2024), 5317-5339. Accessed November, 2024. https://doi.org/10.46609/IJSSER.2024.v09i11.024.

References

[1] . Aglietta, M., & Breton, R. (2001). Financial systems, corporate control and capital accumulation. Economy and Society, vol. 30, no 4, pp. 433-466. Available at: https://doi.org/10.1080/03085140120089054
[2] . Auvray, T., & Rabinovich, J. (2019). The financialisation-offshoring nexus and the capital accumulation of US non-financial firms. Cambridge Journal of Economics, vol. 43, issue 5, pp. 1183-1218. Available at: https://doi.org/10.1093/cje/bey058
[3] . Barradas, R. (2017). Financialisation and real investment in the European Union: Beneficial or prejudicial effects?. Review of Political Economy, vol. 29, no 3, pp. 376-413. Available at: https://doi.org/10.1080/09538259.2017.1348574
[4] . Becker, B., & Milbourn, T. (2008). Reputation and competition: Evidence from the credit rating industry. Harvard Business School, Available at:
[5] . https://econpapers.repec.org/paper/hbswpaper/09-051.htm
[6] . Becker, B., & Milbourn, T. (2011). How did increased competition affect credit ratings?. Journal of Financial Economics, vol. 101, issue 3, pp. 493-514. Available at: https://doi.org/10.1016/j.jfineco.2011.03.012
[7] . Besedovsky, N. (2018). Financialization as calculative practice: The rise of structured finance and the cultural and calculative transformation of credit rating agencies. Socio-Economic Review, vol. 16, no 1, pp. 61-84. Available at: https://doi.org/10.1093/ser/mwx043
[8] . Bissoondoyal-Bheenick, E. (2005). An analysis of the determinants of sovereign ratings. Global Finance Journal, vol. 15, issue 3 SPEC. ISS., pp.251-280. Available at: https://doi.org/10.1016/j.gfj.2004.03.004
[9] . Blume, M.E., Lim, F., & Mackinlay, A.C. (1998). The declining credit quality of U.S. corporate debt: Myth or reality?. The Journal of Finance, vol. 53, no 4, pp. 1389-1413. Available at: https://www.jstor.org/stable/117406
[10] . Bogdan, T., & Lomakovych, V. (2021). Financialization of the global economy: Macroeconomic implications and policy challenges for Ukraine. Investment Management and Financial Innovations, vol. 18, issue 1, pp. 151-164. Available at: http://dx.doi.org/10.21511/imfi.18(1).2021.13
[11] . Bryan, D. (2010). The duality of labour and the financial crisis. Economic and Labour Relations Review, vol. 20, no 2, pp. 49-59. Available at: https://doi.org/10.1177/103530461002000204
[12] . Business Daily. 07/09/20. https://www.businessdaily.gr/oikonomia/25571_stis-pente-koryfaies-naytiliakes-hores-toy-kosmoy-i-ellada
[13] . Crotty, J.R. (1990). Owner-manager conflict and financial theories of investment instability: A critical assessment of Keynes, Tobin, and Minsky. Journal of Post Keynesian Economics, vol. 12, no 4, pp. 519-542. Available at: https://www.jstor.org/stable/4538208
[14] . Crotty, J. (2003). The neoliberal paradox: The impact of destructive product market competition and impatient finance on nonfinancial corporations in the neoliberal era. Review of Radical Political Economics, vol. 35, no 3, pp. 271-279. Available at: https://doi.org/10.1177/0486613403255533
[15] . Davis, L.E. (2016). Identifying the “financialization” of the nonfinancial corporation in the U.S. economy: A decomposition of firm-level balance sheets. Journal of Post Keynesian Economics, vol. 39, no 1, pp. 115-141. Available at: https://doi.org/10.1080/01603477.2015.1116370
[16] . Deutschmann, C. (2011). Limits to financialization sociological analyses of the financial crisis. European Journal of Sociology, vol. 52, no 3, pp. 347-389. Available at: https://www.jstor.org/stable/43282185
[17] . Dritsaki, M., Dritsaki, C., & Tsianaka, E. (2023). The effect of macroeconomic and environmental factors on innovation in EU member countries. Journal of Infrastructure, Policy and Development, vol. 7, issue 3, Available at: https://doi.org/10.24294/jipd.v7i3.2560
[18] . Durand, C., & Gueuder, M. (2018). The profit-investment nexus in an era of financialisation, globalisation and monopolisation: A profit-centred perspective. Review of Political Economy, Vol. 30, no 2, pp. 126-153. Available at: https://doi.org/10.1080/09538259.2018.1457211
[19] . Fine, B. (2009). Financialisation, the value of labour power, the degree of separation, and exploitation by banking. SOAS Research Students, Summer Seminar Series. Available at: https://eprints.soas.ac.uk/id/eprint/7480
[20] . Gärtner, M., & Griesbach, B. (2017). Rating agencies, self-fulfilling prophecy and multiple equilibria? An empirical model of the European sovereign debt crisis 2009-2011. Business and Economic Research, vol. 7, no 1, pp. 199-226. Available at: https://ideas.repec.org/a/mth/ber888/v7y2017i1p199-226.html
[21] . Grullon, G., & Michaely, R. (2002). Dividends, share repurchases, and the substitution hypothesis. The Journal of Finance, vol. 57, no 4, pp. 1649-1684. Available at: https://doi.org/10.1111/1540-6261.00474
[22] . Hilferding, R. 1981 (1910). ch 14. In Finance Capital, London, Routledge & Kegan Paul. https://www.marxists.org/archive/hilferding/1910/finkap/ch14.htm
[23] . Holmstrom, B., & Kaplan, S.N. (2001). Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s. Journal of Economic Perspectives, vol. 15, no 2, pp. 121-144. Available at: https://www.aeaweb.org/articles?id=10.1257/jep.15.2.121
[24] . John, K., & Senbet, L.W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, vol. 22, issue 4, pp. 371-403. Available at: https://doi.org/10.1016/S0378-4266(98)00005-3
[25] . Karafolas, S. (2019). Greek banks abroad: A historic examination. In Proceedings Int. Conf. in Business and Economics, N. Sykianakis et al. (eds), Economic and Financial Challenges for Eastern Europe, Springer Nature Switzerland AG 2019, https://doi.org/10.1007/978-3-030-12169-3_10, 149-160.
[26] . Koufopoulos, D.N., Lagoudis, I.N., Theotokas, I.N., & Syriopoulos, T.C. (2010). Corporate governance and board practices by Greek shipping management companies. Corporate Governance, vol. 10, no 3, pp. 261-278. Available at: https://www.emerald.com/insight/content/doi/10.1108/14720701011051901/full/html
[27] . Krippner, G.R. (2005). The financialization of the American economy. Socio-Economic Review, vol. 3, issue 2, pp. 173-208. Available at: https://doi.org/10.1093/SER/mwi008
[28] . Kuznetsov, A.V. (2022). Imperatives for transformation of the international monetary system in the conditions of multipolarity. International Finance, vol. 26, no 2, pp. 190-203. Available at: https://doi.org/10.26794/2587-5671-2022-26-2-190-203
[29] . Lapavitsas, C. (2008). Financialised capitalism: Direct exploitation and periodic bubbles. SOAS, University of London.
[30] . Lazonick, W., & O’Sullivan, M. (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, vol. 29, no 1, pp. 13-35. Available at: https://doi.org/10.1080/030851400360541
[31] . Lechevalier, S., Debanes, P., & Shin, W. (2019). Financialization and industrial policies in Japan and Korea: Evolving institutional complementarities and loss of state capabilities. Structural Change and Economic Dynamics, vol. 48, pp. 69-85. Available at: https://doi.org/10.1016/j.strueco.2017.08.003
[32] . Machado, P.L.N. (2022). Financialization and the politics of credit rating agencies in Brazilian presidential transitions. Revista Brasileira de Politica Internacional, vol 65, no 1: e009, DOI: http://dx.doi.org/10.1590/0034-7329202200109.
[33] . MacKenzie, D. (2011). The credit crisis as a problem in the sociology of knowledge. American Journal of Sociology, vol. 116, no 6, pp. 1778-1841. Available at: https://doi.org/10.1086/659639
[34] . Mavroudeas, S. (2014). “Financialisation” and the Greek Case. In Proc. 3rd Conference of the EEPO with the subject: Greek Economy and the Policy of Memoranda: Situation and Prospects, University of Patras, 14-15 Jan. Available at: https://doi.org/10.4324/9781315798301
[35] . Naftemporiki. 01/06/2018. https://m.naftemporiki.gr/story/1356530
[36] . Nataf, O., & De Moor, L. (2023). Credit risk downgrades and the CDS market: A wavelet analysis. The Journal of Risk Finance, vol. 24, no 3, pp. 316-323. Available at: https://doi.org/10.1108/JRF-03-2022-0053
[37] . Nguyen, P.L.T., Alsakka, R., & Mantovan, N. (2023). The impact of sovereign credit ratings on voters’ preferences. Journal of Banking and Finance, vol. 154, 106938. Available at: https://doi.org/10.1016/j.jbankfin.2023.106938
[38] . Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973-2003. Cambridge journal of Economics, vol. 32, no 6, pp. 863-886. Available at: https://doi.org/10.1093/cje/ben009
[39] . Panopoulou, C., & Tsoumas, Ch. (2011). The Views of Rating Agencies and Markets. Inclusive volume under the subject: “The International Crisis, the Crisis in the Eurozone and Greek Financial-Credit System”. Greek Bank’s Union (GBU), https://www.hba.gr/5Ekdosis/UplPDFs/syllogikostomos/8-b%20PANOPOYLOY-TSOYMAS%20165-176.pdf
[40] . Pariboni, R., & Tridico, P. (2019). Labour share decline, financialisation and structural change. Cambridge Journal of Economics, vol. 43, no 4, pp. 1073-1102. Available at: https://doi.org/10.1093/cje/bez025
[41] . Pastra, A.S., Koufopoulos, D.N., & Gkliatis, I.P. (2015). Board characteristics and the presence of women on the board of directors: The case of the Greek shipping sector. In Kitada, M., Williams, E., Froholdt, L. (Eds.), Maritime Women: Global Leadership, WMU Studies in Maritime Affairs, Vol. 3, pp. 35-54. Springer-Berlin. Available at: https://link.springer.com/chapter/10.1007/978-3-662-45385-8_4
[42] . Saadaoui, A., Elammari, A., & Kriaa, M. (2022). Credit rating announcement and bond liquidity: The case of emerging bond markets. Journal of Economics, Finance and Administrative Science, vol. 27, no 53, pp. 86-104. Available at: https://doi.org/10.1108/JEFAS-08-2020-0314
[43] . Sahyoun, B., Giannopoulos, G., Anagnostopoulos, Y., & Sykianakis, N. (2018). Mergers and acquisitions: The impact of hiring financial advisors on acquirer shareholder wealth in the US financial services sector. In S. Roukanas et al. (eds), The Political Economy of Development in South eastern Europe, Contributions to Economics, part of Springer Nature 2018, pp. 161-197. Springer International Publishing AG. https://doi.org/10.1007/978-3-319-93452-5_10
[44] . Scandamis, ?. (2016). Rating agencies of creditworthiness: Freedom without limits?. An honourary volume for Nestor Courakis, professor of Faculty of Law with the Athens National Kapodistrian University, 4th of February, https://ekyklos.gr/sb/130-oikoi-aksiologisis-pistoliptikis-ikanotitas-eleftheria-xoris-oria.html.
[45] . Soener, M. (2020). Did the ‘real’ economy turn financial? Mapping the contours of financialisation in the non-financial corporate sector. New Political Economy, vol. 26, no 5, pp. 817-831. Available at: https://doi.org/10.1080/13563467.2020.1858775
[46] . Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, vol. 28, no 5, pp. 719-741. Available at: https://doi.org/10.1093/cje/beh032
[47] . Sweezy, P.M. (1994). The triumph of financial capital. Monthly Review, vol. 46, issue 02. Available at: https://monthlyreview.org/1994/06/01/the-triumph-of-financial-capital/
[48] . Syriopoulos, T., & Tsatsaronis, M. (2011). The corporate governance model of the shipping firms: Financial performance implications. Maritime Policy & Management, vol. 38, no 6, pp. 585-604. Available at: https://doi.org/10.1080/03088839.2011.615867
[49] . Thanos, G. (2001). An econometric approach to the impacts of Greek investment banks’ long-term credit on financial growth, 1964-1997. In proceedings of the fifth international symposium on economic informatics, Information Society, Academy of Economic Studies, Faculty of Economic Cybernetics, Statistics and Informatics, 10-13 May, pp. 611-619. Bucharest.
[50] . Thanos, G. (2003). Tendencies for Wealth Distribution Inequality in Greece. Bank Deposits Per Capita. The Greek Review of Social Research, B’-C’, 111-112, National Centre for Social Research, pp. 359-379.
[51] . Theotokas, I. (2007). On the top of world shipping: Greek shipping companies’ organization and management. Research in Transportation Economics, vol. 21, pp. 63-93. Available at: https://doi.org/10.1016/S0739-8859(07)21003-0
[52] . Tori, D., & Onaran, Ö. (2021). Financialization, financial development and investment. Evidence from European non-financial corporations. Socio-Economic Review, vol. 18, no 3, pp. 681-723. Available at: https://doi.org/10.1093/ser/mwy044
[53] . Tsionas, M.G., Merikas, A.G., & Merika, A.A. (2012). Concentrated ownership and corporate performance revisited: The case of shipping. Transportation Research Part E, vol. 48, no 4, pp. 843-852. Available at: https://doi.org/10.1016/j.tre.2012.01.004
[54] . van der Zwan, N. (2014). State of the art. Making sense of financialization. Socio-Economic Review, vol. 12, pp. 99-129. Available at: https://doi.org/10.1093/ser/mwt020
[55] . van Treeck, T. (2009). The political economy debate on ‘financialization’ – a macroeconomic perspective. Review of International Political Economy, vol. 16, no 5, pp. 907-944. Available at: https://doi.org/10.1080/09692290802492158